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UPDATE: PaySpan's Record Q1 Sales Positions Company to Transform Healthcare Payment Transactions With Coming Era of Healthcare ReformNine Health Plans Contracted for PaySpan's Claim Management Solutions That Deliver Savings and Efficiencies to Payers and Providers (April 24, 2012)
JACKSONVILLE, FL -- (Marketwire) -- 04/24/12 -- PaySpan, Inc., formerly Payformance, strengthens its position as the leading provider of healthcare payment and reimbursement automation, with the signing of a record number of new contracts, renewals and contract expansions with clients during the first quarter of 2012. This record-setting quarter follows a banner 2011 in which PaySpan recorded 19 new health plan deals.
Kevin Arner, president and CEO, stated, "These new contracts reinforce our market leadership position of advanced payment technology and innovative healthcare reimbursement solutions that are payer-led and provider-centric. Our proprietary Healthcare Payment Exchange ("HPX") platform fosters more efficient commerce across industry constituents and delivers a trusted community for commerce in the new healthcare economy.
The number of health plans and states that signed agreements in 2012 Q1 include:
- 4 Illinois-based health plans
- 1 Arizona-based health plan
- 1 Georgia-based health plan
- 1 Kentucky-based health plan
- 1 Louisiana-based health plan
- 1 Ohio-based health plan
James F. Ballew, president of Covenant Services Group, a national third-party administrator and health benefits risk manager, states, "Our partnership with PaySpan enables us to improve on our traditional outsourcing services. We plan to aggressively deploy PaySpan's electronic payments services accelerating payments to providers across the provider continuum while maximizing revenue to Covenant and its subsidiaries. This will help to meet the dual objective of paying our providers faster with electronic payments while increasing our revenue potential. It's a win-win for providers and payers."
Arner concludes, "We are experiencing impressive sales momentum as health plans recognize that PaySpan can help them to meet the challenges of multiple value-based reimbursement models, new means of financing care, and new federal and state requirements. We believe this growth will continue as health plans realize how PaySpan can help them drive bottom-line revenue and take advantage of PaySpan's unique position at the convergence of healthcare and financial services."
With more than 25 years of payments expertise, PaySpan, Inc. is a trusted source of innovative healthcare reimbursement solutions that Empower the Healthcare Economy for health plans, providers, members and banks. Our solutions enable stakeholders to interact across communities, conduct commerce, capture value, instill trust and strategically use reimbursement currency. PaySpan's customers comprise an elite array of industry leaders representing all benefit types, spanning both commercial and government sectors. For more information, visit www.payspan.com.
Amendola Communications for PaySpan
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